Greece achieved a primary budget surplus of about four per cent of gross domestic product last year, outperforming its 0.5 per cent of GDP target under its bailout programme, a government official told Reuters yesterday.

Earlier, the country’s statistics agency (ELSTAT) released figures showing that under ESA 2010 guidelines, the general government’s primary balance, excluding debt servicing, reached a surplus of 3.9 per cent of economic output last year versus a downwardly revised 2.3 per cent deficit in 2015.

ELSTAT did not calculate a figure for the primary budget balance under the country’s bailout programme, where there is a different statistical treatment on some expenditure and revenue items.

“Based on the figures released today by ELSTAT, our estimate is that the 2016 primary budget surplus, based on the bailout programme, is about four per cent, or slightly higher,” the government official said.